Pick.... the idea that old shareholders "own the estate" was planted in the minds of these lemmings from the git go over 15 years ago before the GSA, and the POR amended 7 documents were even negotiated...it boggles their minds that a multi billion company like WAMU/WMI could be sold for a mere 1.89 billion dollars to JPM...they fail to realize that WAMU was run into the dirt by management and the BOD by selling sub- prime loans to "liar loans, and rising equity in the home markets... actually,when the bottom fell out of financials in 2008, WAMU was drained of 16.5 billion in depositors savings, and the stock price of WAMU, which was backing these "failed liar loans, went down to pennies... there was no market capitalization to back all those crappy loans, and JPM knew that... thats why JPM wrote the MBS down to below negative equity, and gave the bad stuff to the FDIC.... Jamie took only secured assets of WAMU banks... the preferreds and equity stock was unsecured... Jamie would not pay for unsecured assets because they could not be sold at firesale disposal...in fact, Alan Fishman disclosed that WAMU was broke when the letter he wrote to the FDIC, that he intended to shore up WAMU with Fed borrowing, sand converting the preferred stock to equity shares to reduce debt on the balance sheet... the rest is history....so, my point?.... whomever instilled the idea that money is coming back because shareholders own the estate was WRONG, WRONG, WRONG, and 15 years of nothing and no word from reorganized WMI is a testament to this fact!!!!!!... Lodas
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